Projects that Yield the Highest Resale When you Sell
When you have a certain budget for home updates and remodeling, which projects should you start with first? One could argue you should start with the home improvement projects that will give you the most enjoyment in your home. However, the pragmatic answer points to comparing the cost of the project with the eventual return on investment when you sell your home. The list below are common projects and the projected ROI you can expect when it comes time to move.
- Minor bath remodel – 102% return
Average cost for a cosmetic make-over of a bathroom is $10,500 if you replace flooring, toilet, a single vanity, tub and tile surround. This is the one project in which you’ll recoup all of your money and then some when you sell. Simple things like new paint, re-caulking a tub, replacing an older shower door or re-glazing a tub make a big difference to buyers.
- Landscaping 100% return
The American Nursery Landscape Association notes the average household spends $5,000 on landscaping and design. Simple things create huge curb appeal, however. Overgrown foliage should be cut back in favor of pops of color in flowering shrubs and plants. Some experts recommend sticking with a single color in a variety of shades, shapes and heights for greatest impact.
- Minor kitchen remodel – 98.5% return
It costs just under $15,000 – on average – to reface cabinets, install new fixtures, replace your oven and cooktop, purchase new laminate counters, and put on a fresh coat of paint and new moldings.
- Exterior 95.5% return
Curb appeal, curb appeal, curb appeal! New vinyl siding or paint can do wonders to spruce up a house – and that results in higher resale value. Fiber-cement siding nets even more… 103.6% return on your investment. Take a fresh eye and walk the perimeter of your home. Replace items that are worn or dated like railings or shutters. Make your front door a vibrant focal point.
- Attic bedroom – 93.5% return
Have some attic space holding boxes and old photo albums? Turn it into useable living space by transforming it into a bedroom suite with bathroom, extra windows and a closet. It gives you more space to enjoy, and you’ll get much of that back at resale.
- Major bathroom remodel – 93.2% return
This is one of those projects that, when finished, typically brings homeowners a lot of happiness, and it also brings in a decent ROI for the amount spent. A major remodel usually involves moving things around, pulling out a tub to make room for a luxury shower, upgrading floors, counters and vanities. It can be costly, but a good portion of that expense can be recouped when you sell.
- Major kitchen remodel – 91%
Experts recommend budgeting 10-15% of your home’s value for a major kitchen remodel. After all, it’s the kitchen! It’s typically the place you and any guests congregate. Some best practices for resale include: investing in stone or higher-end counters if your home is valued at $500,000 or more, neutral colors in the walls and floors, and an open footprint that makes the space seem larger. Cabinets can be painted pretty easily, but if you are changing the flow of the space, it may not be possible to reuse them. In the end, you decide if the renovations are for future buyers or for your family. If it’s for you, choose the finishes and colors that you like best.
- Minor bath remodel – 102% return
A One Community Bank loan officer is available to talk with you about upcoming renovation plans, whether they are on your schedule for this month or next year. You may be able to access your home’s equity to finance your remodeling plans. Let a banker help you weigh your options.